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@Anonymous wrote:
I just got a new Platinum cc with cap one in order to start building credit. I have no active lines of credit right now and need to build a history of on time payments and credit utilization. I’m surprised I was approved since I have a closed auto loan from five years ago with them that was in collections. They have it written as a charge off and I owe $5175 (I DO plan to eventually pay this off, but it will be a few months till I can even start). The issue is, I went to activate my card online so that I could use the app to monitor transactions and make payments on my card before the billing cycle hits etc, however my social is connected to my old 360 savings account (26¢ balance😂) and the auto loan which are under my maiden name. I was married three years ago, two years after it went to collections. When I called to find out why I couldn’t attach the credit card, they told me I had to speak to the auto loan department to update my name to match my current name. Question is, will that affect my credit report? Can they change Status of the loan to wear would negatively affect me even more? I was able to update my name on the same as account but have to call a different department to get the auto loan changed.
It wont affect the status of the charge off but I would be concerned about something else and that is litigation. Capital One is not shy about filling lawsuits.
If you plan on calling them, I would be prepared to make some kind of payment arrangements at the same time, as you'll effectively do all the leg work for their collections department by providing updated and correct name.
Good luck
Cap one loves to sue, and sometimes it takes awhile for them to get around to it. This new activity "may" have opened the box so to speak, or it may not have its hard to tell.
Many years ago I had 2 accounts charged off with them, they took a few years to file suit and then a few more to garnish my wages, they can be brutal at times. I hope that's not the case for you of course, but just be prepared if it happens.
You need to get a copy of free annual credit report, it will have DOFD on it
Here's a link to a thread that lists common abbreviations used on myFICO: http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458
@Anonymous wrote:
So it says for the state of Florida that the statute of limitations is five years for written contracts. How do I find out by looking at my credit report when the start date of that would be from? Is it the date of my last payment? The day that the account was Mark closed? When does the five-year period start?
You need to go look at the actual SOL statutes for the State of Florida as to when the clock starts, what can reset it and what tolls it. Most are from DoFD but you need to know for sure. I would hold off on doing anything with registering that card and changing names until you are sure its past SOL.
You may not ever be able to determine the date of running of SOL only from your credit report.
Creditors can choose to delay reporting of first delinquency to a CRA, and often wait several months before reporting any derogs, and may wait until they reach 60+ before reporting.
Unless they have also reported a charge-off, then the creditor has no legal requirement to ever report a DOFD, so you may not have a reported DOFD in your file.
You may need the actual payment history account records, such as billing statements, in order to provide legal proof of the begin date for first default and for begin of running of your state SOL.
Do you have prior account statement records?
If not, you may need to obtain them from the creditor unless the creditor has clearly and separately reported the DOFD to the CRA.